The bank, which was launched in January and is 25 per cent owned by the government of Dubai, has said it plans to spend more than $500m each on a number of acquisitions in the UK, Europe and North Africa.

The bank has also announced a joint venture with Indian outsourcing company Adventity to develop a company in the Dubai Outsourcing Zone. The joint venture will be established to work with banks looking to outsource their back-office processes, equity research and customer credit scoring abilities. Noor and Adventity will invest seed capital of $50m each in the new venture.

Al-Qemzi added that since the bank’s launch it had “been performing ahead of our expectations and made good progress growing its asset book.”